CIT Picks Prepack Bankruptcy As Going Forward Option
Not sure if this is news, but hopefully the robots that are all over CIT will finally get this headline through their babelfish English-to-Machine Language translators and stop drawing retail in, who in turn believe there is some/any value (aside from pure Las Vegas entertainment value) left in this stock.
CIT Group Inc., the 101-year-old
commercial lender, is planning to start a debt exchange offer
that will include a so-called pre-packaged bankruptcy option, a
person familiar with the matter said.
Let us put this in terms that even TheStreet will understand: the. stock. is. worth. exactly. 0.00.